NCUF gives out more than $94K in third quarter

MADISON, Wis. – The National Credit Union Foundation (NCUF) issued $94,197 disbursements throughout the third quarter through the Community Investment Fund (CIF), the highest quarter so far in 2002. Each of the 29 participating states receives a pro rata share of the disbursement. The states, in turn, use the funding to promote credit union development. Three state leagues, one state foundation, one chapter, 17 corporates, and 350 credit unions had invested more than $54 million as of September. NCUF has distributed nearly $256,000 in aggregate for the year. Top recipients include North Carolina at $81,044; California at $36,912; Illinois at $31,528; Washington at $17,452; and New York at $10,242. The CIF has been incredibly successful, tripling just last week with the creation of the Callahan Fund. That fund is worth more than $100 million within the CIF with donor-directed disbursements. “The money credit unions invest in the Community Investment Fund makes it possible for us to do some exciting things in the areas of credit union development and financial literacy,” NCUF Chairman John Fiore explained. “The fund’s success is a real testament to the spirit of credit union movement.” The CIF began accepting investments at the start of 1999. It is the collaborative effort of the NCUF, the Association of Corporate Credit Unions (ACCU), and the American Association of Credit Union Leagues (AACUL). The funds go toward federal and state level development initiatives and serves as a stable source of funding for NCUF grantmaking and endowment growth. -